Business
Target Hospitality Delivers Outstanding Second Quarter 2021 Results Driving Robust Cash Flows as Diversification Strategy Strengthens
THE WOODLANDS, Texas, Aug. 11, 2021 /PRNewswire/ -- Target Hospitality Corp. ("Target Hospitality", "Target" or the "Company") (NASDAQ: TH), North America's
About this update from Target Hospitality Corp.
[{"type":"text","content":"THE WOODLANDS, Texas, Aug. 11, 2021 /PRNewswire/ -- Target Hospitality Corp. (\"Target Hospitality\", \"Target\" or the \"Company\") (NASDAQ: TH), North America's largest provider of vertically-integrated modular accommodations and value-added hospitality services, today reported results for the three months ended June 30, 2021.\nFinancial and Operational Highlights for the Second Quarter 2021\nRevenue of $75.0 million for the three months ended June 30, 2021, as compared to $53.6 million for the same period in 2020 Net loss of $0.9 million for the three months ended June 30, 2021, compared to a net loss of $13.7 million for second quarter 2020 Basic and diluted loss per share of $0.01 for the three months ended June 30, 2021 Adjusted EBITDA(1) of $31.9 million for the three months ended June 30, 2021, compared to $13.4 million for the same period in 2020 Executing on premier customer diversification with approximately 60% of second quarter 2021 revenue related to committed revenue contracts backed by the United States Government Strong cash generation with net cash provided by operating activities of $67.4 million and Discretionary Cash Flow (\"DCF\") (1) of $65.8 million for the three months ended June 30, 2021 Continued strengthening customer demand with second quarter utilization of 72%, representing the fourth consecutive increase in quarterly utilization Approximately 73% of 2021 revenue under committed revenue contracts, with approximately 54% of 2021 revenue related to government services As of August 11, 2021, zero outstanding borrowings under the Company's $125 million credit facility, representing a reduction of year-to-date 2021 outstanding borrowings of $70 million and more than $175 million of total available liquidity Executive Commentary\n\"Target's strong second quarter results are a direct reflection of the deliberate actions taken in 2020 to appropriately position the Company, amidst an uncertain operating environment, to take advantage of a more balanced market. As we continue to experience a consistent increase in customer demand for our premium service offerings, we have matched this demand with little incremental capital. This high return on capital growth has provided continued margin expansion and significant cash generation, which has been utilized to meaningfully accelerate the strengthening of Target'...